Why Xi Jinping disrupted the record IPO of Jack Ma's company
Two days before China's Ant Group's proposed IPO, which was supposed to set a new world record, the Chinese authorities thwarted the deal. The media explain this by the war of the owner of the company, Jack Ma, with the Chinese financial regulator and with Xi Jinping's closest associate, Vice Premier of the State Council of the People's Republic of China, Liu He. The cancellation of the placement has already cost Ma $2.6 billion, which has reduced the assessment of his fortune.